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Russia's GDP rises by 2.5% in January-August – Economic Development Ministry

According to the department, in August GDP growth accelerated to 5.2% against 5.1% in July

MOSCOW, September 27. /TASS/. The Russian GDP growth for the first eight months of 2023, according to the Ministry of Economic Development, amounted to 2.5% in annual terms.

In August 2023, GDP grew by 5.2% after 5.1% in July. At the same time, excluding seasonal factors, growth in August amounted to 0.4% after an increase of 0.6% a month earlier.

In the Q2 of 2023, Russia's GDP grew by 4.9% year-on-year, while in the first quarter a decrease of 1.8% was recorded.

According to the updated forecast of socio-economic development of the Russian Federation, Russia's GDP growth in 2023 is expected to be 2.8%, in 2024-2025 - 2.3%, by 2026 - 2.2%.